Checking Account Updates Coming January 2023
On January 1, 2023, our Rhythm Dividends and Rhythm Tunes accounts are being discontinued. Existing Rhythm Checking (Dividends & Tunes) accounts will transition to our new Dividends+ Checking. We’ll also be updating our requirements for Epic Checking accountholders. Please see the following information on these accounts and visit our FAQs for answers to questions you may have.
As of January 1, Dividends+ and Epic Checking accounts will require the following:
- The minimum debit card transaction count required to earn rewards and/or avoid imposition of a fee will increase to fifteen (15). Debit card transaction amounts will need to be at least $0.01 to count toward product qualifications.
- Direct deposit and automated payment transaction amounts will need to be at least $1.00 to count toward product qualifications.
Foreign ATM surcharge rebates will be applied to currently qualifying accounts each month, refunding the first four (4) monthly occurrences, up to $3.00 per occurrence for $12.00 in maximum foreign ATM surcharge rebates.
Dividends+ Checking
Earns a higher dividend AND refunds of up to $12 (up to $3 per item maximum for first 4 monthly occurrences) ATM surcharge fees when cycle* requirements are met. Those requirements are:
- Make 15+ 3Rivers debit card purchases1 that clear during the qualification cycle*
- Have 1+ Direct Deposit or Automated Payment2 that clear during the qualification cycle*
- Receive only eStatements
Dividend Rewards
| Account Balance | Dividend Rate | APY |
|---|---|---|
| Portion up to $9,999.99 | Rate 1.49% | APY 1.50% |
| Portion over $10,000 | Rate 0.15% | APY 0.15% |
| Base rate (if requirements not met) | Rate 0.01% | APY 0.01% |
Monthly Fee
$5 Monthly Maintenance Fee
Waived in cycle if qualifications are met
2 – A direct deposit or automated payment amount must be at least $1.00 to be counted toward qualifications
* - Dividends+ Checking Rewards Cycle = First Day of Month to Last Day of Month
Epic Checking
(For existing Epic Account holders. Product not offered for new account openings or minor changes).
Earns a higher dividend AND refunds of up to $12 (up to $3 per item maximum for first 4 monthly occurrences) ATM surcharge fees when cycle* requirements are met. Those requirements are:
- Make 15+ 3Rivers debit card purchases1 that clear during the qualification cycle*
- Have 1+ Direct Deposit or Automated Payment2 that clear during the qualification cycle*
- Receive only eStatements
Dividend Rewards
| Account Balance | Dividend Rate | APY |
|---|---|---|
| Portion up to $9,999.99 | Rate 1.49% | APY 1.50% |
| Portion over $10,000 | Rate 0.15% | APY 0.15% |
| Base rate (if requirements not met) | Rate 0.01% | APY 0.01% |
Monthly Fee
None
2 – A direct deposit or automated payment amount must be at least $1.00 to be counted toward qualifications
* - Dividends+ Checking Rewards Cycle = First Day of Month to Last Day of Month
Get an idea of what your rewards might look like using this calculator:
Calculate your rewards
Questions or Concerns? Let’s Talk!
If you have questions or concerns regarding these changes, or want to learn more, we’re happy to help. Get answers to Frequently Asked Questions at our FAQs page, give us a call at 800.825.3641 or visit your nearest 3Rivers branch.
For current rates, visit 3riversfcu.org/rates. Note that the Dividends+ and Epic Checking rate changes will be reflective of any changes in the Rhythm Checking rate. Checking account rates are variable and are set by the Board of Directors monthly. Dividends are calculated on a daily balance, compounded monthly, and credited at the end of the month. Dividends begin to accrue upon deposit.Frequently Asked Questions
We strive to offer top-of-the-line products that meet the needs of our community. After many recent conversations with and surveys of our membership, we’ve learned there’s a desire for a more dividend-focused checking product with a simpler, calendar month qualification cycle period and account requirements that are easier to maintain. As a result, we’ve developed our Dividends+ Checking, which will launch on January 1, 2023.
Members currently in a Rhythm Dividend or Rhythm Tunes account will be automatically transitioned into a Dividends+ Checking account on January 1. This will not change your ability to access your funds or your account number; only the requirements for receiving the dividend reward will change.
Members with an Epic Checking Account will not transition into a new account type, only the requirements to receive rewards will be change to match the Dividends+ account qualifications
Our Dividends+ Checking Account rewards you for using your checking account like you already do by growing your money with a larger monthly dividend! If you receive a direct deposit or utilize an automated payment, regularly use your debit card, and receive e-statements, then Dividends+ is a great option for you.
As of January 1, we’ll no longer be offering these rewards. If you’re in a Rhythm Tunes account and have been receiving monthly iTunes or Amazon credits, you’ll instead begin receiving a monthly dividend (based on the balance of your account) directly into your new Dividends+ account. Note: If you’re currently in a Rhythm Tunes account that will transition on January 1, you’ll automatically qualify for your Dividends+ reward for the month of January!
Yes! All debit card point-of-sale (POS) withdrawal transactions that post and clear the account during the qualification month (both PIN and signature-based debit transactions) will count toward the monthly qualifications. The minimum dollar amount per transaction is $.01.
Raising the required debit swipes from 10 to 15 allows us to continue to offer and sustain the reward payouts our members have asked for.
Our goal is to make the ATM refund process more consistent and easy to understand. We’re here to talk more about our 3Rivers ATM locations or share how to find one of over 70,000 co-op ATM locations or 5,600+ shared branch locations nationwide (which are free for 3Rivers members)!
Note: As of January 1, for qualifying Dividends+ Checking Accounts and Epic Checking Accounts, we’ll continue to waive the $1 non-3Rivers ATM fee we typically charge on other 3Rivers checking accounts.
3Rivers offers the non-3Rivers ATM refund to members in the specified reward accounts (Dividends+ Checking and Epic Checking) as a perk to help offset the costs of occasionally using ATM networks outside of 3Rivers’ 70,000+ options. Offering the refund to the first four transactions keeps the process easy to understand and sustainable as a continued offering from 3Rivers.
If you regularly make, or plan to make, more than four withdrawals at a non-3Rivers ATM within a month, let’s discuss how to locate the many free-to-use ATMs within our shared, nationwide network, or other banking options that require fewer visits to ATMs.
The reward cycle will be changing to the calendar month as of the cycle on January 1, 2023. The reward itself will be posted on the final day of the qualifying month.
We’re always be happy to discuss the best account fit for you based on your spending habits and financial goals!
Do keep in mind that your debit card transactions can come from a variety of in-person and online purchases. Grocery visits and grocery pick-up, restaurant meals, fuel purchases, monthly payments to subscription services like Netflix, apps, or gym memberships, and so on.